EBRD Mandates BNP Paribas for Custody in Morocco
BNP Paribas Securities Services said that it has finalised a mandate from the European Bank for Reconstruction and Development (EBRD) to provide local custody, settlement, cash and foreign exchange (FX) services in Morocco.
BNP Paribas, which has around US$8 trillion in assets under custody, added that it secured the mandate based on its local tax regulatory expertise and client-oriented approach. Following a competitive tender, the services are to be delivered through BMCI Securities Services, part of the BNP Paribas group’s Moroccan franchise.
EBRD invests in emerging markets to support the development of competitive private sectors to foster open and democratic market economies. In Morocco, it is focused on raising liquidity via treasury products including cross currencies and others, in order to invest this liquidity back into local financial instruments.
“We are delighted to have won this deal,” said Alessandro Gioffreda, head of Italy and the Mediterranean Basin at BNP Paribas Securities Services. “It is a good example of successful coordination within our organisation, whereby EBRD will benefit from multiple services, including asset liability management [ALM] treasury. The deal also underpins our strategy to expand our direct custodial clearing model into key emerging markets, and puts us in great stead to secure further mandates in the region.”
An EBRD spokesperson said: “EBRD is pleased to have selected BMCI Securities Services for local post-trade services. They take an extremely client – and partner oriented approach to their business and we look forward to working with them.”